Control Systems & Issues in the Hospitality Industry Flashcards

Control Systems & Issues in the Hospitality Industry Flashcards
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Internal Controls

Businesses use these procedures to make sure they function in ways that are effective and orderly. They can also help prevent losses, including those associated with employee theft.

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Balance Sheet

You look at this financial document if you want to see an organization's financial status at that specific point in time.

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Income Statement / Profit and Loss Statement

A financial document that records a company's income and expenses in a given amount of time.

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Financial Statements

Documents that record a company's financial transactions, like how money is exchanged and moved around. They are used in financial accounting.

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Management Process: Directing

You perform this part of the management process when you implement your plan and utilize your resources to meet your goals, both short- and long-term.

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Management Process: Organizing

Managers work on this part of the management process by making sure they have all the resources they need to perform a task so that they can get started.

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Management Process: Planning

The first part in the management process. This requires you to come up with goals and to determine the resources you'll need to accomplish them.

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Management Process: Controlling

This is the last step in the management process. In this step, you measure your actual performance against the performance that was expected.

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Financial Goal

You work to reach this kind of goal if you are trying to earn a specific amount of money.

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Customer Service-related Goal

These goals are focused on consumers in some way. An example would be trying to bring up satisfaction levels with your services.

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Production Goal

Managers set these for employees if they expect a specific amount of jobs to be done in a set amount of time.

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22 cards in set

Flashcard Content Overview

You can use these flashcards as tools to review the management process and different business goals found in the hospitality industry. You'll also be able to focus on accounting standards and common financial statements. Night audits are also addressed by these cards. Furthermore, you can go over important inventory managements systems such as:

  • Periodic Inventory / Period Review Inventory System
  • Continuous / Perpetual Inventory System
  • ABC Classification System
  • Just-in-Time (JIT) Inventory System
Front
Back
Production Goal

Managers set these for employees if they expect a specific amount of jobs to be done in a set amount of time.

Customer Service-related Goal

These goals are focused on consumers in some way. An example would be trying to bring up satisfaction levels with your services.

Financial Goal

You work to reach this kind of goal if you are trying to earn a specific amount of money.

Management Process: Controlling

This is the last step in the management process. In this step, you measure your actual performance against the performance that was expected.

Management Process: Planning

The first part in the management process. This requires you to come up with goals and to determine the resources you'll need to accomplish them.

Management Process: Organizing

Managers work on this part of the management process by making sure they have all the resources they need to perform a task so that they can get started.

Management Process: Directing

You perform this part of the management process when you implement your plan and utilize your resources to meet your goals, both short- and long-term.

Financial Statements

Documents that record a company's financial transactions, like how money is exchanged and moved around. They are used in financial accounting.

Income Statement / Profit and Loss Statement

A financial document that records a company's income and expenses in a given amount of time.

Balance Sheet

You look at this financial document if you want to see an organization's financial status at that specific point in time.

Internal Controls

Businesses use these procedures to make sure they function in ways that are effective and orderly. They can also help prevent losses, including those associated with employee theft.

Generally Accepted Accounting Principles (GAAP)

A set of guidelines that must be obeyed by professionals in the field of accounting.

Financial Accounting Standards Board (FASB)

The organization that provides the accounting industry with oversight. It established the Generally Accepted Accounting Principles (GAAP).

Continuous / Perpetual Inventory System

This inventory system keeps track of all items that you have and monitors each of their quantity levels in real-time. It is also called the fixed-order-quantity system.

Inventory

This includes all the parts a business uses when making services or products. It is also contains goods that have been completed and are ready for sale.

ABC Classification System

Businesses that use this inventory system have their items split into three groups. These groups are determined by the value of the items. Frequently used by manufacturing companies.

Periodic Inventory / Period Review Inventory System

You have this kind of inventory system if inventory levels are reviewed at set intervals. It is also called the fixed-time-period system.

Obsolete

This describes things that are out of date and that no longer have high demand from customers. They generally can't be sold and go through obsolescence.

Reorder Point

This is the lowest amount of inventory level a company can carry before it needs to replenish its supplies.

Just-in-Time (JIT) Inventory System

Businesses with this kind of inventory system order receive new goods as they are needed, helping to control inventory levels.

Barcode

This series of lines and numbers identifies individual products and can be scanned. Using these on goods can help make controlling inventory automatic.

Night Audit

This process focuses on ensuring that the accounting done over the course of a business day was accurate. It results in the creation of accounting reports.

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